by Cloud backup and recovery software allows enterprises to back up their data from the cloud and also facilitates data recovery in case of any data loss or corruption. The software helps organizations securely store data in the cloud and allows rapid restoration of lost or corrupted data. It protects critical data and ensures business continuity. The growing demand for data security and addressing compliance requirements across organizations are estimated to drive the high growth of the global cloud backup and recovery software market.
The Global cloud backup and recovery software market is estimated to be valued at US$ 36460.85 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Cloud Backup & Recovery Software are Novartis AG., AstraZeneca PLC., Bayer AG., Sanofi SA., Pfizer Inc., Merck & Co., Johnson and Johnson, GlaxoSmithKline PLC., Amgen Inc., AbbVie Inc., F. Hoffmann-La Roche AG., Eli Lilly and Company., and AGC Biologics.
Key players like Acronis, Commvault, IBM & Veeam account for a significant market share in the global cloud backup & recovery software market. New product launches, partnerships and acquisitions are the key strategies being adopted by market players to strengthen their market position.
North America holds the major share of the global cloud backup and recovery software market owing to the early adoption of cloud technologies and the presence of major players in the region. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period with growing digitalization and increasing investments in cloud-based technologies.
Market drivers
The increasing concerns regarding data security breaches and loss of critical data are anticipated to drive the demand for cloud backup and recovery software across verticals. The growing stringent regulations around data security and privacy such as GDPR further fuel the adoption of these software globally. The cost benefits of cloud backup and recovery software solutions compared to traditional backup systems also boost the market growth.
PEST Analysis
Political: cloud backup & recovery software market Size
And Trends vendors need to adhere to data privacy and security laws and regulations across different regions to ensure user data protection. Non-compliance can attract heavy penalties.
Economic: Organizations are increasingly adopting cloud backup and recovery software to optimize storage costs and ensure business continuity. However, macroeconomic uncertainties can impact technology budgets of some companies.
Social: Younger workforce in organizations expects mobility and flexibility in data access. Remote and hybrid work models boosted adoption of cloud backup solutions for seamless data protection.
Technological: Advances in cloud, AI and machine learning are enhancing features of backup software like automated threat detection, predictive analytics and one-click recovery. Many vendors are also offering SaaS-based solutions for added flexibility and scalability.
Geographical regions with concentrated market value
North America holds the largest share of the global cloud backup and recovery software market owing to high technology adoption, strong presence of vendors, and stringent data regulations. Europe is another major regional market supported by initiatives for digitalization of SMEs and emphasis on cloud-first strategies by various governments.
Fastest growing regional market
The Asia Pacific region is expected to witness the fastest growth in adoption of cloud backup and recovery software over the forecast period. This can be attributed to growing digitalization, rise of cloud infrastructure, and increasing threat of cybercrimes across industries in countries like China, India and Japan. Proactive government initiatives are also promoting cloud adoption among SMEs for business continuity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
